Addition towards single premium paid on policy taken for the ...

Case Laws Income Tax

March 7, 2022

Addition towards single premium paid on policy taken for the Director by the Company - Determination of sum of addition - Gross amount or Net amount of premium - assessee had neither availed any deduction under Sec 80C of the Act in respect of the premium paid to SBI nor claimed any deduction under section 10(10D) of the Act and offered ₹ 3,09,000/- for tax in his ROI, according to me, no addition was warranted. Therefore in this case only the net amount (Net of TDS) should have been taxed, which assessee has already offered to tax in his ROI. - AT

View Source

← Previous Next →

Addition towards single premium paid on policy taken for the ...

Case Laws Income Tax

March 7, 2022

You may also like:

Disallowance of key man insurance premium paid - it is not known how the payment of ₹ 10 lakhs towards premium is going to protect the assessee-company from...

Levy of GST - salary paid to Director of the company who is paid salary as per contract - Reverse charge mechanism (RCM) - the services rendered by the Director to the...

Disallowance of keyman insurance policy of the director of the company paid - The premium paid for keyman insurance policy is allowable to the assessee u/s. 37(1) of the...

Keyman Insurance Policy - premium paid for the partners - The premium paid on the Keyman Insurance Policy is allowed as business expenditure - HC

Dishonor of Cheque - vicarious liability of Directors in the company - There is no specific averment in the complaint to the effect that the petitioners who are all the...

Penalty u/s 271-D and 271-E - accepting loan in cash from the director of the company - The tribunal held that, the assessee`s case under consideration the transactions...

Levy of GST - Reverse Charge Mechanism (RCM) - whole-time director - A director who has taken an employment in the company may be functioning in dual capacities, namely,...

Addition u/s 68 - purchase of share capital /premium in Cash - despite the availability of banking facilities to the two investors, they invested cash towards purchase...

The director's remuneration in the form of commission based on a percentage of the company's total profit is not subject to service tax under the reverse charge...

Disqualifications for appointment of a Directors - if the default is committed by company A by not filing financial statements or annual returns, the said director of...

Rent paid by director of the company in her individual capacity - directors serve as agents - any transaction carried out by the directors on behalf of the company is a...

Disqualification of a director of the financial creditor to sign the Section 7 application was challenged. The application u/s 7, signed by the director of the financial...

Addition u/s 68 - assessee company, during the year under consideration, unsecured loan had been taken by the company from The Director of the company - Since the amount...

Disallowance of payment of professional fee to the directors - allegation of paying excessive remuneration to the directors - services provided by the directors towards...

Unexplained cash credit u/s 68 - share capital/share premium receipts - Despite substantial evidence provided by the appellant, including bank statements, share...

Quick Updates: